Purvankara Projects Limited, a Bangalore based real estate developer, is coming out with an IPO through the book building process. Purvankara Projects IPO will open for subscription on 31 July 2007 and will close for subscription on 03 August 2007. Purvankara Projects Limited has fixed the price band for the IPO between Rs. 500 and Rs. 525 per share. As per the Draft Prospectus, Purvankara Projects Limited will use the proceeds of the IPO for retiring high interest loans and for acquiring land. Purvankara Projects Limited is currently present in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and U.A.E. Over 80% of Purvankara Projects’ portfolio is residential and the other 20% is commercial. Post IPO, the shares of Purvankara Projects Limited will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The lead managers for the Purvankara Projects IPO are DSP Merrill Lynch Limited, Citigroup Global Markets Ltd, Kotak Mahindra Capital Limited. The registrar for the Purvankara Projects IPO is Intime Spectrum Registry Limited. For updates on the subscription / oversubscription ratio of Purvankara Projects Ltd IPO and to know the IPO allotment status, refund details and listing date of Purvankara Projects Ltd. IPO, do check this blog regularly. The Purvankara Projects IPO is a pretty large IPO with an issue size in excess of Rs. 1000 crores.
Purvankara Projects Limited IPO Prospectus
For more information, read the Draft red herring prospectus of the Purvankara Projects Limited IPO Issue.